Labour Leader Says Millions on National Living Wage could lose £5,000 By The End Of The Decade

In his pre-Budget speech on Saturday, the Labour leader Jeremy Corbyn said due to sluggish pay rises across the economy, millions of low-paid workers will fare far worse than expected under the National Living Wage (NLW).

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Corbyn said the link between NLW rate increases and average earnings means that more than three million people could be paid £5,000 less a year by the end of the decade. He added:

“With pay falling and the cost of living rising, personal debt has too often plugged the gap. Of course, bankers may benefit from this unfair and economically dangerous situation. But increased personal debt is an economic and political failure.”

“It isn’t only Labour and the millions facing crippling debts who are worried. The Bank of England, the Financial Conduct Authority and the IMF have all warned against rising debt now that over 8.3 million people are over-indebted.”

“People aren’t borrowing to invest, they are borrowing to survive.”

Mr Corbyn believes slower economic growth could see it at £8.25 an hour by 2020, rather than the £9.30 an hour originally expected. He said:

“The Tories’ rebranded minimum wage was supposed to overtake £9 an hour by 2020. But our analysis shows that because of their mishandling of the economy and their failure to protect most people’s pay, it could actually fall as low as £8.25 an hour.

“That could mean that an estimated 3.3 million people will lose £5,000 compared to what they were promised. It is completely unacceptable.”

Corbyn asserted that the Britain needs a pay rise and that’s why the next Labour government will introduce a real living wage of at least £10 per hour by 2020.

Corbyn said the British people have suffered seven years of austerity and it has held down the wages of the many and driven up the profits of the few. The Labour leader will make a string of demands to Philip Hammond, including pausing the rollout of universal credit and the termination of the Government’s austerity policies.

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